Ripple CEO Says Biden-Era Crypto Crackdown Hurt Innovation, Expects Big Shift Ahead

Highlights:

• During a recent interview at the Miami summit, Garlinghouse slammed Biden-era crypto policy and SEC lawsuits.
• He called the SEC and CFTC’s recent joint move a major breakthrough.
• Ripple expects strong growth as stablecoins, XRP, and institutional demand keep rising.

Speaking at the FII PRIORITY Miami summit on Friday, Ripple Chief Executive Officer Brad Garlinghouse said the crypto industry went through four years of pressure under the Biden administration. He called it a “war on crypto” and said that approach never made practical sense because crypto is just a digital technology.

He specifically criticized the SEC’s earlier approach and said the agency did not focus on proper rulemaking. Instead, he said it mostly used lawsuits against crypto companies. He also said this approach pushed companies, capital, and innovation offshore, instead of helping the United States stay competitive in digital assets.

Garlinghouse said he believes Gensler acted in bad faith and made crypto policy too political. He argued that the industry now wants clear laws in place so there cannot be “another Gary Gensler moment” in the future.

Ripple CEO Calls SEC and CFTC Action a Major Step Forward

Garlinghouse said the recent joint move by the Securities and Exchange Commission and the Commodity Futures Trading Commission was a major step forward for the crypto industry. According to him, the two agencies came together and clearly identified 16 digital assets as commodity digital assets, which he described as a big improvement from the earlier regulatory approach. He said this matters because the industry had spent years facing pressure from lawsuits and unclear rules instead of thoughtful rulemaking.

He said Congress now needs to act. He urged lawmakers to turn regulatory guidance into law so that future administrations cannot reverse course and launch another crackdown on the crypto sector. Garlinghouse said he is encouraged by progress around the CLARITY Act, even though the legislative process remains slow and complicated. 

Still, he believes momentum is building and expects the bill to pass by the end of May. According to Garlinghouse, new legislation would not dramatically change Ripple’s own business overnight. However, it could remove a major barrier for U.S. banks and other financial institutions that have remained cautious about entering the crypto market.

🚨 JUST IN: 'THIS NEVER MADE SENSE TO ME': #Ripple CEO @bgarlinghouse BLASTS Biden admin's war on crypto. pic.twitter.com/ZO6gx9l7y9

— RippleXity (@RippleXity) March 27, 2026

Garlinghouse Says Business Remained Strong Through a Weak Market

Meanwhile, Garlinghouse explained that the broader crypto market has remained under pressure. Even so, Ripple has continued to grow rapidly. He revealed that the company completed two major acquisitions last year, each worth over $1 billion. As a result, both deals are already performing better than expected.

One key unit, Ripple Treasury, focuses on helping companies manage global liquidity. According to Garlinghouse, it is already exceeding internal targets. Similarly, Ripple Prime, which came from the Hidden Road acquisition, has tripled its revenue run rate. Overall, he stressed that these expansions aim to make XRP more useful and widely adopted in real-world finance.

Garlinghouse Calls Stablecoins Crypto’s ChatGPT Moment

Ripple CEO also said stablecoins may become the crypto industry’s “ChatGPT moment” for businesses. He said many boards, chief executives, and finance leaders are already asking how stablecoins can fit into their operations. For many firms, the biggest attraction is speed and efficiency.

Garlinghouse said Ripple expects a record year, with growth coming from Ripple Treasury and Ripple Prime. He added that large financial institutions are now more comfortable working with the company after Hidden Road became part of Ripple. He also said rising interest in blockchain, stablecoins, and tokenization is helping drive that momentum.